BAC Stock: Bank of America Securities has upgraded Charter Communications to a “buy” rating, citing a positive momentum shift following the company’s recent quarterly results. Analyst Jessica Reif Ehrlich raised the price target for Charter’s stock from $385 to $450, indicating over 20% upside potential from its Friday closing price.

The upgrade comes in light of Charter’s strong performance in the third quarter, where the telecommunications giant surpassed analysts’ expectations. Adjusted EBITDA reached $5.65 billion, outpacing the FactSet consensus estimate of $5.59 billion. Revenue also exceeded forecasts, coming in at $13.80 billion compared to the anticipated $13.66 billion.

Ehrlich noted, “Overall, results were much better than forecast as both broadband subscriber and overall financial results beat our projections.” She emphasized that Charter appears to be gaining momentum as it improves subscriber results amid ongoing plant upgrades and network build-outs.

Following this positive news, BAC stock saw a slight increase of 1% in premarket trading, reflecting investor confidence in the telecommunications sector’s potential growth.

This upgrade from Bank of America positions Charter Communications favorably in the market, especially as the company continues to enhance its broadband services under the Spectrum brand. Investors are encouraged to consider this momentum as they navigate their portfolios in the telecommunications space.

Disclaimer: This article is for informational purposes only and should not be considered financial advice. Please consult a qualified financial advisor or conduct your own research before making investment decisions.